MEXICO CITY, Jan 27 (Reuters) – Citigroup <C.N> Chief Govt Jane Fraser is planning to fulfill with Mexican President Andres Manuel Lopez Obrador, a authorities spokesperson instructed Reuters on Friday, amid the financial institution’s try and finalize the sale of its native unit.
Fraser will likely be in Mexico within the “first week of February” throughout a deliberate go to together with her management group, a supply acquainted with the matter instructed Reuters.
A spokesperson for Lopez Obrador, Jesus Ramirez, stated he didn’t have additional particulars on the assembly, and stated it was topic to closing affirmation.
Citi declined to remark.
The deliberate assembly comes as Citi goals to promote its Mexican unit, Banamex, as a part of the corporate’s deliberate withdrawal of its retail companies within the nation after 20 years, first introduced final January.
Two bidders, which sources instructed Reuters had been Mexican conglomerate Grupo Mexico and Banca Mifel, are vying for Citi’s native unit, Lopez Obrador stated in December.
In an earnings name earlier this month, Fraser stated she was bullish about institutional curiosity in Mexico.
“As you may think about, in at present’s setting, Mexico is essential for a lot of of our company purchasers all over the world for his or her provide chains. And we play an important function there,” she stated.
Relating to the deliberate sale of Citi’s retail unit, Fraser stated she was “extraordinarily happy” with the progress being made, and reiterated that the corporate was nonetheless pursuing the “twin tracks” of an preliminary public providing if no sale was agreed upon.
Citi executives beforehand circled January 2023 because the proposed date for finalizing the deal.
Fraser has moved to simplify the Wall Avenue big, asserting plans to shrink Citi’s abroad footprint and exit non-core shopper markets, together with Bahrain, China and India over the previous 12 months.
Reporting by Kylie Madry and Isabel Woodford; Modifying by Stephen Eisenhammer, Cassandra Garrison and Leslie Adler
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